Zimtu Capital private placement oversubscribed

Zimtu Capital reports that the private placement originally announced on November 25, 2009 has been oversubscribed.

The private placement now consists of a total of 1,067,500 units at a price of $1.20 per unit for gross proceeds to the Company of $1,281,000.

Each unit will consist of one common share and one share purchase warrant. Each share purchase warrant will entitle the holder to purchase one additional common share of the Company for two years, at a price of $1.50 per share in the first year and at a price of $2.40 per share in the second year. The securities issued will be subject to a four-month hold period.

For complete press release, click here.